Comment Re:Actual buyback (Score 1) 222
Sounds like Facebook made a mistake changing their expected IPO price from $28~$35 to $34~$38 The big banks stepped in to save face, which makes a mockery of all the talk about "intense demand from retail investors"
The big banks didn't step in to save face. They bought all this stock so they could dump it on unsuspecting nitwits who want to own shares of facebook. People see in the news that Facebook is worth 100 billion and they want in. The problem is after the initial offering the price is just going to go down, down, down, like all other dotcom IPOs. This is because all of these big banks are just buying in to sell off and make some money on clueless "investors".